LottVision suffers steep drop in earnings
Published on May 27, 2014 6:15 PM
SINGAPORE - eCommerce nutrition food provider LottVision has reported a sharp plunge in net profit to HK$1.4 million (S$227,000) from HK$10 million.
Turnover for the year ended March 31 rose by 79 per cent to HK$91.2 million.
The bulk of revenue was generated by the group's 55 per cent-owned subsidiary NutryFarm (Chengdu) Biomedicine (NFC).
LottVision recorded other net income of HK$4.7 million, which mainly represented a reversal of liabilities to the vendor of NFC because NFC did not meet its profit guarantee.
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